Sweet Potato Market 2021 Industry Analysis Report to 2027

The global sweet potato market accounted for US$ 48,628.8 Mn in 2018 and is expected to grow at a CAGR of 2.1% during the forecast period 2019 - 2027, to account to US$ 58,470.0 Mn by 2027.

The Asia Pacific region held the largest market share in the global sweet potato market. The production and consumption rate of sweet potato is expanding rapidly with China and Rest of APAC being the major markets for the sweet potato industry. The Asia Pacific has evolved as the largest consumers and exporter of sweet potato. Sweet potato production has significantly contributed to national economies across the Asia-Pacific region over the past few years. The Asia Pacific market is characterized by the presence of players such as Dole Food Company INC. ,  H.J. Heinz Company Brands LLC. , Lamb Weston Holdings, INC., Nash Produce, The J. R. Simplot Company, among others.

Market Insights

Opportunities for farmers in Middle East and Africa due to shortage of sweet potatoes in North America and Europe

The consumption of sweet potato is increasing as it offers various health advantages. The food and beverage companies located in North America and Europe have developed innovative sweet potato products having a great combination of taste and nutrition. The food and beverage producers are continuously trying to bring in more innovative products with familiar ingredients to gain traction among health-conscious consumers. The primary concern for North America and Europe is the shortage in the production of sweet potato. The low pricing is one of the main reason for the small production of sweet potato in North America. Uncertain climatic conditions is another reason that has attributed to the low production of sweet potatoes in North America and Egypt. The recent hurricanes and heavy rainfalls in 2018 in the US had been a significant factor that destroyed the total sweet potatoes cultivated in that season. There has been an increasing demand for sweet potatoes in North America that has created a vast opportunity for the farmers in the Middle East and Africa to export their crop to this region.

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Sweet Potato Market: Strategic Insights

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Growing demand for plant-based products and increasing application of sweet potatoes

The manufacturers in the food and beverage industry are focusing on the key market trends and consumer requirements to develop innovative products and increase the sales of their entire product line. Therefore, in the past few years, several companies have launched innovative sweet potato products that offer healthy options to the consumers. In 2018, Starbucks Japan launched a limited edition crispy sweet potato frappuccino and latte, while the Campbell Soup Company launched a new vegan sweet potato juice drink to meet the growing demand for the plant-based products. There were several other sweet potato products such as waffles, crisps, puffs, sticks, loafs, and bars, launched in 2018. Thus, the rising inclination toward plant-based products and growing use of sweet potatoes in various products is expected to boost the sweet potato market over the forecast period.

Form Insights

On the basis of form, the global sweet potato market has been segmented into whole product, paste and flour. Under the form segment, the whole product market led the global sweet potato market. Moreover, the flour segment is anticipated to register the fastest CAGR over the projected period. As a whole product, sweet potato has been cultivated for more than 8000 years. The sweet potatoes serve to be a rich source for starch, fibers and nutrients such as vitamin A. The low fructose content of sweet potato has been implemented its application in the beverages industries and is also used as an alternative for brown sugar in various juice concentrates. The sweet potato is available in multiple colors such as brown, orange and purple. The distinct color of the sweet potato makes it a suitable option to be used in various dairy formulations such as cheese and butter. This further boost the overall sweet potato market globally.

Sweet Potato Market Regional Insights

The regional trends and factors influencing the Sweet Potato Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Sweet Potato Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Sweet Potato Market Report Scope

Sweet Potato Market Players Density: Understanding Its Impact on Business Dynamics

The Sweet Potato Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Sweet Potato Market are:

1. AV Thomas Produce
2. Dole Food Company Inc.
3. Ham Farms
4. Jackson Farming Company
5. Lamb Weston Holdings, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Type Insights

The global sweet potato market by the type has been segmented into fresh, frozen, dried and others. The fresh type segment accounted for the largest share in the global sweet potato market. The fresh sweet potatoes are the ones that are picked right away from the farms. The fresh sweet potatoes are unadulterated with any kinds of preservatives or fertilizers. They are highly rich in fibers, starch and vitamin A. the organic sweet potatoes are not considered to be fresh as they are adulterated using various preservatives and fertilizers. These factors are projected to propel the growth of the sweet potato market over the forecast period.

Mergers and acquisition were observed as the most adopted strategies in global sweet potato market. Few of the recent developments in the global sweet potato market are listed below:

2019:Jackson Farming Company has acquired and retained the Wayne Bailey Produce sales team which is expected to help the company to expand its presence in the sweet potato industry.
2019:Lamb Weston Holdings, Inc. entered into an agreement to acquire Ready Meals Pty Ltd. The latter used to sell frozen potato products under the Harvest Choice brand.
2018:Ham Farms decided to launch its prime organics brand which would be available in bulk and in 3-pound, 5-pound and 10-pound bags.

Global Sweet Potato Market – By Form

• Whole Product
• Paste
• Flour  

Global Sweet Potato Market – By Type

• Fresh
• Frozen
• Dried

Global Sweet potato Market – By Application

• Food
• Beverage  
• Animal Feed

Global Sweet potato Market – By Geography

• North America

  • U.S.
  • Mexico
  • Rest of North America

• Europe

  • Greece
  • Portugal
  • Italy
  • Rest of Europe

• Asia Pacific (APAC)

  • Indonesia
  • China
  • India
  • Japan
  • Taiwan
  • Rest of Asia Pacific

• Middle East and Africa (MEA)

  • Africa
  • Egypt
  • Kenya
  • Rest of MEA

• South America

  • Brazil
  • Argentina
  • Rest of South America (SAM)

Company Profiles

• AV Thomas Produce
• Dole Food Company Inc.
• Ham Farms
• Jackson Farming Company
• Lamb Weston Holdings, Inc.
• McCain Foods Limited
• Nash Produce
• Simplot Food Group
• The Kraft Heinz Company
• Yantai China Pet Foods Co., Ltd